You probably know by now that I am somewhat of a “silver lining” type of girl…or, at least I try to be. I have to admit it gets tiring sometimes, attempting to ferret out the positive from what seems to be a bad news buffet, but I do it because getting sucked into the doom and gloom of it all just seems too easy. Okay, and maybe I also do it because I’m a Loudoun homeowner and I’d really like it if my home could please stop bleeding value, but that’s just a teensy part of it.
The last time I looked at Altos was in the beginning of April, and I was almost afraid of what I might find this time around. But the truth is, the news really isn’t all that bad. In fact, for Ashburn (both 20147 and 20148), some of it is actually pretty good.
First, the so-so news…
Last month, the median single family home price was $626,650; as of May 25, it was $623,528. Given that the spring market had just started in April and there are more properties on the market now, I think a $3122 price drop isn’t too alarming. Hey, it could have been way worse.
Price per Square Foot
A month ago, the median price per square foot for Ashburn homes was $173; this month, it was $168. Not great, but not horrific, either.
Now, for the better news…
In April, the Market Action Index (MAI) was 15.06; as of May 25 2008, the MAI was 15.59. While that still makes Ashburn a buyer’s market (anything below 30 favors buyers), that’s an increase of .53. So although sales prices experienced a slight drop, activity actually increased.
Days on Market
Last month, the average number of days on the market for a property in Ashburn was 101; in May, that number decreased to 78 days. That’s a drop of 23 days, which is significant. I’m fairly certain the drop is attributable to the clearing out of most of the foreclosures (which were really hiking up the average days on the market for the County) and to better, more realistic pricing on the part of sellers.
If you’re a buyer looking in Ashburn, what does this mean for you? It means that you’re fortunate enough to be in a market that favors you but is also showing some signs of stabilizing a bit. There are still plenty of fantastic deals to be had, especially if you do your homework and know what you want, but the increased sales activity might help ease your mind a bit about Ashburn homes retaining their value. As unbelievable as it sounds, there are still properties in Ashburn (and other Loudoun communities) that are selling in a matter of days, and with multiple offers. So keep your eyes peeled, your mind open, and be ready to move quickly if you see something you love.